In a tumultuous three-day race to head the British Conservative Party, Rishi Sunak won on Monday. This historic victory made him the first person of color to hold the position of prime minister in British history.
The 42-year-old son of Indian immigrants, who has already experienced ups and downs in his political career, won the race to succeed the short-lived Liz Truss as prime minister when his only remaining rival, Penny Mordaunt, withdrew after falling short of receiving the required 100 nomination votes from Conservative lawmakers.
Rishi Sunak to Become UK's Next Prime Minister
After Truss's disastrous experiment in trickle-down economics, which shook financial markets and severely tarnished Britain's fiscal standing, Sunak, a former chancellor of the Exchequer, is anticipated to steer Britain back to more conventional approaches.
He will also likely provide a sharp contrast to Boris Johnson, his former boss and Truss's disgraced predecessor, who was known for his flashy appearance and unpredictable demeanor. But Sunak will have to deal with the worst economic crisis to hit Britain in a century while leading a seriously fractious Conservative Party.
Political savvy at least as deft as what allowed Sunak to maneuver the leadership race will be needed to mend the party's divisions and guide the nation through the coming months' economic headwinds. Johnson's decision to withdraw from the contest on Sunday night made room for Sunak to enter the race. Sunak had previously run against Truss last summer but lost to her in a vote of the party's rank-and-file members.
This time, Sunak was the only candidate still alive, therefore the members did not need to vote again for him. Sunak's surprise departure from Johnson's cabinet in July of last year sparked Johnson's collapse and threw Britain into disarray, ending in Truss's short, disastrous tenure.
It was a bizarre turn of events for Sunak. Per NY Times, it appeared as though Sunak's meteoric rise had also crashed when he lost the leadership competition to her.
Rishi Sunak Wealth
Sunak was listed earlier this year on the Sunday Times rich list, which lists the richest individuals in the UK. Since the ranking's creation in 1989, he is now the first politician serving on the front lines to be named in it. His and his wife's combined net worth is listed at $824 million on the list, with their sources of wealth being "technology and hedge fund." Sunak also has a portfolio of four properties worth more than $17 million that are spread out worldwide.
Rishi Sunak would have to deal with one of the greatest cost-of-living problems in recent history if he were to become prime minister. According to the most recent consumer price index numbers, inflation is currently at a 40-year high of 10.1%, severely straining household budgets.
This comes as Sunak deals with criticism about the construction of his brand-new swimming pool and the rumored $15,810 annual fuel expenditure. This amount is around six times what the typical home spends on energy. In the past, the ex-Chancellor has also come under fire for decisions like this year's removal of the $22.59 Universal Credit raise.
Sunak worked as a partner at two extremely successful hedge funds before going into politics, and he also worked as an analyst for Goldman Sachs from 2001 to 2004. In his mid-20s, Sunak was a multi-millionaire, according to The Times.
However, the majority of his fortune comes from his union with Akshata Murthy, who is worth $780 million and has a 0.93% interest in Infosys. He also got into difficulties earlier this year when the Independent newspaper asserted that Akshata, who is still an Indian national, did not have a UK address and was not subject to UK taxation.
In fact, she is able to avoid paying almost $22.59 million in taxes on profits from her shares in Infosys because to her domicile status. While he was running for the same position earlier this year, this immediately damaged his reputation. Additionally, critics have utilized lavish homes and clothing to paint him as being disconnected from the general public, as per Live Mint.
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